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UCP shareholders OK merger with Century Communities

UCP Inc. shareholders approved the company's proposed merger with Century Communities Inc.

At UCP's Aug. 1 special shareholder meeting, 14,942,673 votes were cast in favor of the transaction, representing more than 94% of the votes cast and more than 81% of the company's outstanding voting power as of the June 9 record date, according to a release.

The deal calls for Century Communities to acquire UCP in a stock-and-cash transaction. Upon closing, UCP's outstanding common shares will be converted into the right to receive $5.32 in cash and 0.2309 of a newly issued Century common share.

Pending customary conditions, the parties expect the deal to close before the NYSE opens Aug. 4.